If the total gross turnover of a firm is below 1 crore and the net profit is also less than 8%. whether tax audit should be under section 44AD. what is the criteria plz explain
CA. Kunal Lakhotia
(ACA)
(1006 Points)
Replied 18 September 2013
As per section 44AD(5), eligible assessee who claims his profits are lower than 8% of gross receipts & whose total income exceeds the basic exemption limit then assessee is reqd. to maintain books as per S. 44AA & also get his accounts audited as per S. 44AB
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